Banking and Finance in Singapore has expanded in just over four decades. Singapore has managed to position itself as Financial Centre of International repute, catering to the demands of not only the domestic economy but also the wider Asia Pacific region and in certain cases the world economy. Singapore has to offer a wide range of financial services including banking, insurance, investment banking and treasury services.
An important highlight of Singapore's Financial Centre is it’s structured and cash rich capital markets. It is one of the most important capital markets in Asia Pacific.
The Bond market in Singapore has grown significantly. With a wide range of Singapore government securities and foreign corporate bonds to choose from, Singapore offers fixed income investors a wide range of investment opportunities. It also has the unique distinction of being the second largest over-the -counter derivatives trading centre in Asia. With total assets of around S$1 trillion and ever increasing, Singapore is one of the world class premier asset management centres in Asia.
Banking Act
- Agreement refers to an agreement whether formal or informal and whether express or implied;
- Authority" refers to the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act.
- Bank refers to any company having a valid license under section 7 or 79.
Licensing of Banks
No banking business shall be transacted in Singapore except by a company which is in possession of a valid license granted under this Act by the Authority authorizing it to conduct banking business in Singapore.
Any person who violates shall be guilty of an offence and shall be liable on conviction
- In the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
- In any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
Minimum Asset Requirements
- The Authority may, from time to time, by notice in writing to any bank in Singapore or class of banks in Singapore, impose requirements in relation to the minimum amount or amounts of liquid assets to be held by the bank or class of banks, having regard to the risks arising from the activities of the bank or class of banks, as the case may be, and such other factors as the Authority considers relevant.
- The Authority may, in a notice issued impose limits on each liquid asset or class of liquid assets to be held by a bank or class of banks.
